LONDON - Sunrise Resources plc (LSE:SRES) announced the results of its Annual General Meeting (AGM) held on March 13, 2025, where shareholders passed all proposed resolutions. The voting results indicated strong support for most measures, with one resolution concerning a director’s re-election showing notable dissent.
At the AGM, shareholders approved the company’s accounts and director reports, reappointed Crowe U.K. LLP as the auditor, and authorized the directors to allot shares. However, the re-election of Mr. James Cole as a director witnessed a significant split in votes—60.18% for and 39.82% against. This high percentage against Mr. Cole’s re-election was acknowledged by the company as a protest vote reflecting shareholder dissatisfaction with the company’s share price performance.
Despite the contention, the board expressed confidence in Mr. Cole, highlighting his service to the company, including limited remuneration and salary sacrifices. The company committed to engaging with shareholders to understand their concerns better and to explain the role of independent non-executive directors.
Additionally, a special resolution to dis-apply pre-emption rights, which allows the company to carry out fundraisings other than through a rights issue, passed with the same percentages as the resolution to allot shares. The company addressed shareholder concerns about potential dilution by noting the limited use of this authority in the past and the balance maintained between raising capital and the duty to ensure ongoing business operations. The board also mentioned the sale of a non-core project and securing future royalty rights as part of its fundraising strategy.
To address concerns about shareholder disenfranchisement, Sunrise Resources will consider providing a facility for shareholder participation in future fundraisings, subject to sufficient demand.
The information in this article is based on a press release statement from Sunrise Resources plc.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.